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Old 09-20-2010, 03:06 PM
 
Location: Princeton, NJ
245 posts, read 575,949 times
Reputation: 145

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would ya'll be so kind as to give me an idea of how NOLA has changed pre vs. post Katrina?

What's different? Is anything better?

I read on one of the other posts that NOLA has become much more expensive than it used to be. This seems like it should be the opposite. It seems as if the city would be less expensive to drive people to come there, no? I know the job situation is bad but seriously where isn't the joblessness bad? It's bad everywhere.

So who ARE all these people moving into NOLA and without good jobs being able to afford this more expensive housing?

I'm kind of peeved because I always wanted to live in NOLA for a few years, to experience it. But now I hear it's expensive and that takes away any urge for me to get there. An experiment is fun if one doesn't have a great deal to lose, you know?
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Old 09-20-2010, 03:22 PM
 
Location: New Orleans, LA
310 posts, read 768,902 times
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It's not necessarily the HOUSING that's expensive, it's the INSURANCE. Insurance costs have gone up dramatically. Our homeowners insurance ran around $700/year when we first moved here and right after Katrina, jumped to $4,000/year. Flood insurance is an additional $1,000/year. Rental properties have to bear these costs, so rents have gone up to cover those costs. Auto insurance can be bad too but it was bad before the storm.

A big city agenda is to drive in tourists, not new residents. Hotels and restaurants have affordable deals all the time, that's not something that can be done in the housing market.

Most of the people I know moving here already work for corporations or companies based here. Others I know are here to go to school and are living on loans. Rental properties aren't as terribly priced as you might think they are; it all depends on the area. Normal day to day amenities like gas and groceries aren't terribly inflated either. Something that many people end up doing is spending way too much on "New Orleans fun." Being part of the tourist action all the time can get very expensive.
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Old 09-20-2010, 03:28 PM
 
Location: Princeton, NJ
245 posts, read 575,949 times
Reputation: 145
Quote:
Originally Posted by Pook77 View Post
It's not necessarily the HOUSING that's expensive, it's the INSURANCE. Insurance costs have gone up dramatically. Our homeowners insurance ran around $700/year when we first moved here and right after Katrina, jumped to $4,000/year. Flood insurance is an additional $1,000/year. Rental properties have to bear these costs, so rents have gone up to cover those costs. Auto insurance can be bad too but it was bad before the storm.

A big city agenda is to drive in tourists, not new residents. Hotels and restaurants have affordable deals all the time, that's not something that can be done in the housing market.

Most of the people I know moving here already work for corporations or companies based here. Others I know are here to go to school and are living on loans. Rental properties aren't as terribly priced as you might think they are; it all depends on the area. Normal day to day amenities like gas and groceries aren't terribly inflated either. Something that many people end up doing is spending way too much on "New Orleans fun." Being part of the tourist action all the time can get very expensive.

Aha! now that makes sense.

What would you say is an average-ish rent for a 2 bed apartment in (not necessarily IN the French Quarter but in one of those cool historic buildings).
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Old 09-20-2010, 03:33 PM
 
Location: New Orleans, LA
30 posts, read 71,870 times
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Dont know about everybody else... but i moved here because of my husband's employment at Tulane. I had no problems finding jobs anywhere else we lived , from NW Louisiana to Midwest to Northeast to Florida, usually I was hired on the spot/ within a week.. even in these tough times... Here, I had an interview in the beginn of July, and they are still interested, but working on my schedule...(hmmm)
then I found something else, but it might take up to 30 days to complete all the paperwork..
If you are single and not too picky , you might find cheaper housing... I have a small child, so i wanted to find something safe, green, scenic, and quiet... and these are the things you have to pay for here.. oh yes, and its above sea level and wasnt flooded ( you pay for it too)
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Old 09-20-2010, 03:34 PM
 
Location: New Orleans, LA
30 posts, read 71,870 times
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Quote:
Originally Posted by wanderer71 View Post
aha! Now that makes sense.

What would you say is an average-ish rent for a 2 bed apartment in (not necessarily in the french quarter but in one of those cool historic buildings).

2000-2500
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Old 09-20-2010, 04:42 PM
 
Location: New Orleans, LA
310 posts, read 768,902 times
Reputation: 260
I don't have exact numbers, but I'm pretty sure you can find something for less than that. It might be small, no yard, and street parking only, but it'll be cheaper. Some of the renovated, flooded properties I've seen are redone very nicely. I was just at a party at a traditional shotgun (is that the "cool historic building" you're referring to?) that had 8 feet of water in Lakeview and, although it only has 1 bedroom, the tenants are paying $800/month. It has been redone beautifully and the surrounding neighborhood has also returned and fixed their properties. I know people Uptown behind Tulane who live in one side of a shotgun that has 2 small bedrooms for $1200. Neither place has off street parking nor a yard, but they're very nice places.
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Old 09-21-2010, 11:15 AM
 
Location: Pereira, Colombia
1,221 posts, read 2,130,123 times
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It is/was more expensive because the areas that didn't flood became real estate goldmines, especially like 2-3 years after the storm, because a lot of people wanted to come home/move here and there was only so much available. And the flooded areas, once fixed, were expensive because landlords are making up for all they had to pay. But it seems as though prices are ultimately going down as more and more properties become available and compete with each other.

The job market really isn't that bad here compared to most locales. There are a lot of people moving here from all over once they finish college. I think there has been a major shift in what types of young people come here pre and post Katrina. Pre-Katrina my impression of Tulane as a local highschooler was where NY/NJ people who didn't get into better schools came to party. Now don't get my wrong, Tulane is a good school. Now though they require students to do community service and really embrace the local community more. There is a different crowd now.

The only out of state people who moved here for work were partiers and alternative people in the hospitality industry. Now it seems like people working professional jobs are coming here more, but they're not "yuppyfying" New Orleans, more like New Orleans is changing them. Crime has changed and it hasn't. Sure, there is still a deep seated culture of hardheaded young guys who don't fear death, and the murder rates will always be higher than we can ever accept. But like it always has been, most of the killings are drug related and very often are people that know each other. The difference now is that many of the bad cops in New Orleans were weeded out during and after Katrina. No more waiting 4 hours after a wreck. No more waiting an hour after someone tried to break into your house with you in it (I wish I was joking but I'm not!). The leadership feels less corrupt.

There are about 100,000 people that will probably never return, and I wish them the best and hope they're taking advantage of the opportunities available in Texas, Atlanta, Baton Rouge, Lafayette, Nashville, etc. I don't know if the population will ever get bigger than pre-Katrina levels, but it seems as though now is the time to move here. This storm bent our spirit but it didn't break it. Somone once said that Katrina was New Orleans' chance to take a long, hard look in the mirror and examine what had to change. And in many ways this city has succeeded turning some negatives around. But it's not perfect. The pace is closer to the Caribbean than New York City. C'est la vie (That's Life).
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Old 09-21-2010, 02:19 PM
 
Location: Princeton, NJ
245 posts, read 575,949 times
Reputation: 145
Quote:
Originally Posted by aab7855 View Post
It is/was more expensive because the areas that didn't flood became real estate goldmines, especially like 2-3 years after the storm, because a lot of people wanted to come home/move here and there was only so much available. And the flooded areas, once fixed, were expensive because landlords are making up for all they had to pay. But it seems as though prices are ultimately going down as more and more properties become available and compete with each other.

The job market really isn't that bad here compared to most locales. There are a lot of people moving here from all over once they finish college. I think there has been a major shift in what types of young people come here pre and post Katrina. Pre-Katrina my impression of Tulane as a local highschooler was where NY/NJ people who didn't get into better schools came to party. Now don't get my wrong, Tulane is a good school. Now though they require students to do community service and really embrace the local community more. There is a different crowd now.

The only out of state people who moved here for work were partiers and alternative people in the hospitality industry. Now it seems like people working professional jobs are coming here more, but they're not "yuppyfying" New Orleans, more like New Orleans is changing them. Crime has changed and it hasn't. Sure, there is still a deep seated culture of hardheaded young guys who don't fear death, and the murder rates will always be higher than we can ever accept. But like it always has been, most of the killings are drug related and very often are people that know each other. The difference now is that many of the bad cops in New Orleans were weeded out during and after Katrina. No more waiting 4 hours after a wreck. No more waiting an hour after someone tried to break into your house with you in it (I wish I was joking but I'm not!). The leadership feels less corrupt.

There are about 100,000 people that will probably never return, and I wish them the best and hope they're taking advantage of the opportunities available in Texas, Atlanta, Baton Rouge, Lafayette, Nashville, etc. I don't know if the population will ever get bigger than pre-Katrina levels, but it seems as though now is the time to move here. This storm bent our spirit but it didn't break it. Somone once said that Katrina was New Orleans' chance to take a long, hard look in the mirror and examine what had to change. And in many ways this city has succeeded turning some negatives around. But it's not perfect. The pace is closer to the Caribbean than New York City. C'est la vie (That's Life).
Thank you for all this information.

I find NOLA fascinating and the pre vs post Katrina situation is something I'd love to read more about.

Maybe a little bit similar to NYC pre and post 9/11 -- I was hoping to hear that NOLA had come together as a city/as a culture.

There are at least a half dozen places I'd love to live. NOLA is one of them. But I became really worried when I looked up the housing costs. I'm not a wealthy person and not being able to take advantage of the fun and cultural stuff a city has to offer because my rent or mortgage is so high would negate the positives. NOLA used to be seen as a super-inexpensive place to live, and when it was like that, it was always in the back of my mind to give it a go. Now I'm hesitating. Maybe I just need to save a bunch more money and make my move in 2 years instead of 1....plus I need some sort of prescription medicine to deal with the humidiy!
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Old 09-22-2010, 08:20 PM
 
Location: Alexandria, VA - Kingstowne Subdivision
391 posts, read 484,576 times
Reputation: 361
Just to give you idea with actual number I will compare July Pre Katrina with July 2010 average price per square foot numbers (preK numbers will be posted 1st and 2010 #'s in bold). Data provided by nomar/gsrein and will lump together condos and single family homes
Lakeview (MLS area 61) - $323,454/$309,260
Lakefront (MLS area 69) -$351,778/$383,813
MidCity (MLS area 68) - $244,475 /$279,786
Uptown (MLS area 64) -$329,735 /$894,937 - this is with 10 sales in 2010 and 17 sales in 2005
271 homes sold in July 2005. 167 homes sold in July 2010.
We are clearer selling less homes but I believe the prices are comparable to Pre Katrina number in a few neighborhoods.

2000-2500 is what you can expect to pay for a 2 bedroom corporate rental. 2 bedrooms in a historic building with updates will cost between 1000-1700. You can expect more amenities and a prime location in the higher price range.

I really don't believe the whole insurance is the cause for the higher rate in rentals. The main reasons rental are absurdly high after the storm is the storm. After Hurricane Katrina you could not find a 1 bedroom in a decent area in a reasonable price and that trend will continue. The government is subsidizing rentals at pre katirna prices and landlords are passing those rates to market rate renters. Section 8 is currently paying between 1200 - 1300 for a 3 bedroom voucher. Why would a landlord expect to receive less from cash paying tenant? There will be some discount for not dealing with the government but it won't be much.

Just my thought about the matter.
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Old 09-23-2010, 04:39 PM
 
Location: Pereira, Colombia
1,221 posts, read 2,130,123 times
Reputation: 1332
I'd like to know what properties were sold in these stats, Uptown specifically. Yes, Uptown is in a real estate bubble right now and seems largely unaffected by the economic downturn, but I don't think my parents' house is worth 2.5X what it was in 2005. Don't get alarmed Wanderer, I don't think things have inflated that horribly, and as I pointed out before as time goes on and more competitors emerge on the market prices go down. Since I am 25 and poor I only track rental prices but I can say that those have gone down a lot in the last few years. You can check prices on www.nola.com to get a better idea and see if all this hype is worth it or not. Maybe you could move here sooner than you think. If you are the adventurous type you can move to a more up and coming area and not pay as much, specifically Mid-City. If you really want to come here I think you can make it happen. Until the oil spill, which didn't really affect New Orleans but is still emotionally taxing, I felt as though this is the absolutely best time this city has ever seen, at least in the modern era.
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